‘First Nations’ get prime Vancouver real estate’

“Three British Columbia ‘First Nations’ have paid nearly half a billion dollars for a prime piece of real estate on the west side of Vancouver.

{Actually, details on what they’ll be paying — and how — have yet to be released. In addition, the taxpayer-owned land was never put up for bid – nor was it ever offered to anyone else for sale…}

“The Musqueam, Squamish and Tsleil-Waututh ‘nations’ {’nations’ with a combined population of under 6,000} bought the 15.7-hectare parcel known as the ‘Jericho Lands’ from the province for $480 million.

“The ‘First Nations’ said in a news release that the property overlooking Jericho Beach Park in the West Point Grey neighbourhood was once the site of a ‘First Nations’ village.

“This is a celebration for all three ‘nations’,” Squamish ‘Nation’ Chief Ian Campbell said in a news release. “Today we are, in a very literal sense, coming back to our homeland.” {You could have gone there any time…}

“The land has panoramic views of English Bay and the North Shore and is adjacent to a 21-hectare area acquired by the three ‘First Nations’ {in a sweetheart deal, again without bidding – see below} and the ‘Canada Lands Company’ from the federal government in 2014…

“A release from the province said the final sales contract and two independent appraisals will be publicly released in the coming weeks.”

“The deal comes after the three ‘Nations’ announced in October 2014 that they partnered with federal Crown corporation ‘Canada Lands Company’ to buy the 52-acre federal parcel of the former Department of National Defence property for $237 million.

“The deal with Canada Lands is a 50-50 split, whereas the three ‘Nations’ own 100% of the provincial parcel. Together, the property, which covers 90 acres between West Fourth Avenue and West Broadway, is arguably the most expensive and sought-after real estate in Canada…”

“It’s a dream location where residents, including many fearing a pending major development in their neighbourhood, enjoy stunning views of English Bay, the downtown Vancouver skyline, and the North Shore mountains.

“The ‘University of B.C.’ is down the road, and high-end shops and restaurants are a short walk away.

“While taxpayer-funded studies of the area’s potential value are being kept private, it’s no secret the value is staggering. Jason Upton, president of ‘Aedis Appraisals Ltd.’, grew up in the neighbourhood. He predicts the land owned by both governments could be worth more than $2 billion… Realtor Spice Lucks, who said she’s been eyeing the Jericho Lands’ potential “for the better part of my life”, said the value could approach $3 billion…”